Telecom Italia : The 3 post-CMD options: clarification, Vivendi or a saviour (Iliad?)
>A calculation gap of up to € 1.8bn at a CMD that leaves a mark - Yesterday’s CMD was rare flop, with Telecom Italia’s CFO unable to account for the gap between his net debt target for 2026 and the FCF generation target for 2025-2026. The leverage target of 1.6-1.7x EBITDAal pro forma suggests net debt after leases of € 7.0-7.5bn in 2026 vs € 7.2bn at end-2024. And the group, which does not plan to pay any dividends, expects to generate close to € 1.5bn in cumulative ...Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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